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APPS PROVIDE RETAILERS WITH FRAUD PROTECTION AND TRANSACTION SCORING
SAN MATEO, Calif., Aug. 5, 2014 /PRNewswire/ -- Feedzai, a data science company that uses real-time, machine-based learning to analyze big data to prevent fraud, today announced that it has developed ecommerce apps for the Shopify and Big Commerce platforms. The only fraud prevention solution available for true omnichannel commerce, Feedzai's fraud prevention software is now available on two leading ecommerce platforms in order to help online retailers identify potentially fraudulent transactions.
The Feedzai apps on Shopify and Big Commerce provide online retailers with real-time information to determine the legitimacy of an order. Users of the app see transactions flagged for suspected fraud. Merchants can then dive deeper to see a list of reasons to block or allow the transaction, allowing them to decide which transactions to accept or decline. Retailers have access to the same bank-grade risk engine used by payment networks and financial institutions.
"Fraud is crossing channels where data breached from stores is then used to exploit ecommerce channels and vice versa," said Nuno Sebastiao, chief executive officer of Feedzai. "We see that 68 percent of cross-channel fraud starts online before migrating in-store, so we want to give all ecommerce retailers access to the tools necessary to help them protect their business. The growth of ecommerce fraud is disrupting the status quo for everyone, on or offline."
The new Feedzai apps feature the following:
Feedzai Fraud Prevention That Learns™ technology fuses big data and machine learning to allow analysts to predict and prevent electronic payment loss in real time based on behavioral analysis and understanding of the way consumers behave when they make purchases, online, in-store or from mobile devices. The software uses big data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device with up to a three-year history of data behind it. This data helps acquirers, issuers and retailers mitigate risk, guard every transaction and preserve the customer experience.
Feedzai started in Europe, and is also available in North and South America, Europe, and Africa. The company has been working with a number of customers, including Coca-Cola, Logica, Vodafone, Ericsson, Horizon Wind Energy, Servebase Credit Card Solutions and Yoco. The company is backed by SAP Ventures, big data investment firm Data Collective, and other international investors for a total of $4.3 million.
To learn more about Feedzai, visit www.feedzai.com
Feedzai is a data science company that uses real-time, machine-based learning to help payment providers, banks and retailers prevent fraud in omnichannel commerce. Feedzai is a global company, with US headquarters in San Mateo and is backed by SAP Ventures, big data investment firm Data Collective, and other international investors. Companies that rely on Feedzai include Coca-Cola, Logica, Vodafone, Ericsson, SIBs Payment Solutions, Horizon Wind Energy, and Servebase Credit Card Solutions.
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